Life insurance for those who count on you.
Life insurance can help provide financial support to the people you leave behind. This page is designed to give general information and a practical way to think about your coverage needs using the DIME method.
Life insurance for those who count on you.
Build a practical estimate of how much coverage your family may need using the DIME framework: debt, income, mortgage and education. Then subtract resources you already have available.
Calculate my coverageThe DIME Coverage Framework
Add the obligations you want covered, then subtract insurance and liquid resources already available.
Two broad types of life insurance.
Most life insurance conversations begin with a simple question: do you need protection for a specific period of time, or coverage designed to remain in place for the rest of your life?
Term Life Insurance
Term life provides coverage for a set period, such as 10, 20 or 30 years. If the insured dies while the policy is in force, the policy generally pays the death benefit to the named beneficiary.
Term insurance is often used for needs such as income replacement, mortgage protection, protecting children while they are dependent or providing coverage during working years.
Permanent Life Insurance
Permanent life insurance is designed to remain in force for life as long as the policy requirements are met. Depending on the type of policy, it may also build cash value over time.
Permanent coverage may be considered when the need is expected to last for life, such as final expenses, legacy planning or other long-term financial goals.
Build a practical estimate with DIME.
Adjust the categories that apply to your household. Your estimate updates automatically.
Build a practical estimate with DIME.
Open each category, adjust the amounts and subtract resources your family could already use.
Include non-mortgage debt and anticipated funeral or final expenses.
Car loans, credit cards, personal loans and similar obligations.
Not sure? $15,000 can be used as a preliminary starting estimate.
Estimate the income your household may need and how long it may be needed.
Use your full income or only the portion your household depends on.
Consider how long children or other dependents may need support.
Use the remaining loan balance, not the home's market value.
Use $0 if you rent or your home is paid off.
Include college, trade school or other education you want to help provide.
Use $0 if this does not apply to your family.
Subtract assets and existing coverage that your family could already use.
Examples may include savings, current life insurance and other liquid resources.
Questions about life insurance?
If you would like help thinking through your coverage needs, D. King Agency can help you start the conversation.